MAI Capital Management LLC announced its acquisition of Grisanti Capital Management LLC. This partnership was born out of a decades-long friendship and professional relationship between Christopher Grisanti and Rick Buoncore, according to a news release. The all-equity transaction is expected to build on MAI’s recent expansion to New York City and adds an experienced team of investment professionals to MAI’s ranks.
GCM was founded over 20 years ago by Grisanti with the goal of delivering innovative and personalized investment solutions to meet its clients’ financial goals, and has prided itself on bottom-up portfolio management based on proprietary research. Since its founding, the firm has employed a disciplined and patient approach to the markets, focusing on two long-term equity strategies to achieve success: the Grisanti Large Cap Value Portfolio and the Grisanti High Income Equity Portfolio.
“We continue to be strategic in our growth, and the acquisition of GCM is a strong example of our approach,” said MAI Managing Partner Rick Buoncore said in a statement. “Chris and I have been friends for many years and his client-centric vision aligns perfectly with MAI’s philosophy. The GCM team brings an established portfolio management style that exemplifies MAI’s commitment to long-term success for clients.”
Grisanti, formerly CEO at GCM, will assume the role of chief equity strategist and senior portfolio manager at MAI. In this position, he is expected to oversee the construction of MAI’s equity products and continue his role as a portfolio manager. The remaining members of Grisanti’s team, including Rashida Alexander, Suzanne Fawbush, Tom Marra and Mike Pietzak, will join MAI as well.
“As economies of scale became increasingly desirable, we searched for years to find the perfect partner. MAI offers an abundance of resources while also granting us the freedom to continue nurturing long-standing relationships with our clients,” Grisanti said in a statement. “I have known Rick professionally and personally for more than 25 years and have seen how MAI has grown under his leadership. The team has a track record of supporting the firms it joins forces with, and that gives me confidence in our future together. We couldn’t be more excited.”
John Copeland, managing partner at Wealth Partners Capital Group, said the acquisition “underscores MAI’s core philosophy of putting its clients first and thoughtfully pursuing acquisitions that support this view — especially important in today’s environment.”
This is MAI’s first acquisition of 2020 and seventh since taking a minority investment from WPCG, a financial services holding company, in July 2017. Last year, the firm completed five transactions, including regional expansions to Reston, Virginia, with the acquisition of MTX Wealth Management, Cincinnati with the addition of John D. Dovich & Associates, and New York City with the acquisition of J.M. Hartwell. MAI also entered into a joint venture with Curi to establish Raleigh, North Carolina-based Curi Capital, a full-service financial advisory firm that caters to the physician community.
The GCM acquisition closed on May 15, and is expected to increase MAI’s assets under management by over $225 million. Financial and legal terms of the deal were not disclosed. MAI is an independent registered investment adviser specializing in comprehensive wealth management for high-net-worth individuals and families.